The European Bank for the Reconstruction as well as Development (EBRD) in tandem with the European Union (EU) have provided a net worth of up to US$5 Million Financial Package to aid the Jordan’s telecommunications provider Al-Hadatha Telecom and Technology PSC (DAMAMAX) for supportive the overall progression of the firm’s fibre-to-the-premises (FTTx) services.
There is a grant of loan to be funded up to US$4.5 Million aided via the EBRD within the native currency and as well as in US Dollars will be equally complimented via another loan up to US$4,87,500 investment aid via the EU and would be optimally utilized as the Financial Investments for the overall progression of fibre optic networks for the underserved territories within the capital, Amman. Thus, the Fibre Optical progression would aid in serving affordable broadband services to underserved territories in the capital Amman proving beneficial for native small as well as Medium-sized Enterprises (SMEs) as well as the households.
The net current market size of the fibre broadband based service networking module in Jordan is around 1,33,000 subscribers as per sources from latest official data records, with only a certain huge-income territory within the central Amman at present well covered along with the most sophisticated technology network module. DAMAMAX’s expansion will narrow this gap by substantially increasing the number of its fibre network subscribers.
The overall net enterprises are all foreseen to surge in their overall productive standards all appreciations to the state-of-the-art internet access. The investment grant will be given under the Bank’s EU aided Trade as well as Competitiveness programmed module that aids SMEs within Jordan, Egypt, Morocco as well as Tunisia for investing within the latest technologies.
The Director Information and Communications Technologies at EBRD Dirk Werner, stated: “They are really overjoyed for aiding the expanding and improving the DAMAMAX services in Jordan precisely within these thought-provoking times. The enlarged requirement for internet connection during this pandemic due to the spread of E-learning, remote home-based working module, and other remote solutions globally can only be effective with steadfast and protected internet connectivity and ground-breaking services which will profit the public in Jordan.”
Established in Jordan in 2008, DAMAMAX is an SME telecommunications provider, operating a native and globalized transmission network, offering high-capacity, flexible and protected internet connectivity, including state-of-the-art data centre services to commercial and residential clients.
Telecommunications and IT are significant areas for the EBRD to invest in to sustenance the innovation and modernisation in the economies where it invests. Till date, the Bank has invested over €4.8 billion in 208 projects within the arena.
The CEO of DAMAMAX, Eyad Abouzeid, stated that: “DAMAMAX is attributed with commercially pioneering FTTx services as early since as 2014. The firm was able to flourish over via offering high-valued fixed broadband connectivity services, essential value offerings and superior client service. Sustenance from the EBRD and the EU will be influential in realising the firm’s vision of carrying FTTx technology and associated services to a grander segment for the aid of Jordan’s population, contributing to the progress of the new economy.”
Within the Jordanian territory the EBRD has been dynamic since 2012 and till date has invested almost €1.5 billion across 52 projects, of which 73 percent contribute for the expansion of the private sector.